Who here has a emergency fund? 401k contribution?

megan1010 · July 2009

I know this is a super nosey question so you don't have to answer obviously, i was just curious!!!

bkenan · July 2009

E- fund...at the moment I wish I had one! Well we did have one but of course DH transmission had to go out a week after we paid if off..errrr

401k my work does this and yes Dh and I both have it. We were just talking about adding more the other day. I think I only put in 6% and he is doing the same right now.

kelcat · July 2009

We do have an emergency fund, but it really is our baby fund. We do use when we absolutely need to, which thankfully (and knock on wood) we haven't had to.

I have a 401k that I make contributions to every paycheck.

StingShark425 · July 2009

We have money in savings. Not much at all. We just spent some of it on vacation so now we have even less. If we had a real emergency like if one of us was out of work, we'd be screwed. Dh doesnt do the 401k from his work (please dont ask me why.....)...and i dont have one thru my employer.

megan1010 · July 2009

I don't have either. Well my work does have a 403b (non profit) but I have yet to start contributing to it. I've decided the next time we can enroll in it I"m going to whether or not it's a big amount, cause it won't be but I need to start now and i"m regretting that I haven't already, but we've needed all the money we can get honestly and that's my excuse for not having started it yet. After we get all our debt paid (minus cars) hopefully which will be this year then we can seriously start saving for a efund. I'd love to have 6 months worth, but we'll start at 3 as our goal.

NorCalBride09 · July 2009

Well, neither of us have a 401 anymore. That sucks.

We do have a savings account and right now it is about to be depleted for Mojo's surgery.

I try to put at least 500 a month in savings. Doesn't always work as planned.

Jen&Louie · July 2009

We have an 8+ month emergency fund which will cover all of our monthly expenses plus groceries. We also have several separate savings accounts (one large joint account, one baby fund and one Christmas club).

DH has two 401K accounts, one with his current company and one with his last company that he decided to keep active instead of rolling it over. He contributes in 10% of his salary each paycheck. I have a pension plan (in for almost 11 years now and have been vested for 7 years). My company contributes 8% of my salary for me, out of their pockets.

megan1010 · July 2009

Jen, what ya'll have is what I would love to aim to have!!! That is awesome!!! I do have a pension plan at my job that my job puts their own money in which is pretty cool. I unfortunately am kinda dumb when it comes to stuff like that but I guess I need to educate myself on that stuff. I think I'm gonna have to be the financial person in our household and that sux. That's alot of stress, haha Big Smile

Jen&Louie · July 2009

Meg, other than the retirement stuff, we wouldn't have what we do if it wasn't for DH's know-how with money (I've been putting away money for retirement sicne I was 22). He's always been very careful with his money and a saver - he's not cheap by any means but, is cautious. I am still constantly in awe of how he has us save what he does while still allowing us to live a normal lifestyle. If I was in charge, we'd be up a river without a paddle...LOL!

Oh, BTW, after I posted my info, I decided to look more into my pension plan contribution since my fairly recent promotion. Turns out it isn't as much as I thought it was so, I'll be getting in on our 403B within the next couple of months, too. We will put aside some money for our children's education eventually but, following the advice of Suze Ormond and a lot of other financial advisors, the emergency fund and securing our retirement needs to come first and foremost.

megan1010 · July 2009

That brings up another good question, when is a good time to start the wee one's college fund?

That's awesome your DH is like that, mine could definitely take a few lessons in that type of know how. Hell I just wish he would show some type of interest in how we plan to live ok in our future(retirement wise), but I guess we haven't really discussed that. Tsk Tsk I know. I know I dont' want to work til I'm 70 tho!!!

Jen&Louie · July 2009

Meg - have the discussion. You guys are still young and have a lot until your retirement but, it's best to start asap.

As for the college fund, I think you can start a 529 fund at anytime. But, focus on retirement first. Kids/Families wil always be able to get low interest gov't loans for an education but, there are no loans to support you in old age! This is one area where being financially "selfish" really matters.

Who here has a emergency fund? 401k contribution?

Re: Who here has a emergency fund? 401k contribution?

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